Economic theory predicts that fast growth can lead to high saving rates if people lack financial institutions that allow them to borrow.

The pursuit to uncover the driving forces behind cross-country income gaps has divided economists into two major camps: One emphasizes institutions, while the other stresses non-institutional forces such as geography. Each school of thought has its own theoretical foundation and empirical...

Address before Bryant College, Providence, R.I., Oct. 14, 2003

Presentation to the St. Louis Regional Commerce and Growth Association, Leadership Circle - July 15, 1998

This paper draws on the experiences of the United States and European Community to speculate on the effects of agreements to integrate high and low income economies. The evidence suggests that reducing barriers to the flow of goods or resources will promote convergence, even among integrating...

We study a model of economic growth and development with a threshold externality. The model has one steady state with a low and stagnant level of income per capita and another steady state with a high and growing level of income per capita. Both of these steady states are locally stable under...

Presentation before the Conference on Striking the Right Notes on Entrepreneurship, Memphis, Tenn., April 19, 2005

Memphis, Tenn., Oct. 14, 2008